Think of Blockchain as primarily two things. 1) A peer-to-peer technology 2) A way of keeping a public record.
The technological backing of Blockchain is the ability to have many (many) computers host the same information. Snippets of code (known as blocks) are duplicated and maintained in so many different places rendering fraud impossible. The fact that each of these blocks is timestamped and unique makes it increasingly challenging to outsmart. If you’re interested in learning more about the technological specifics there are a number of great resources online including this presentation by Binh Nguyen, IBM’s Blockchain Fabric Chief Architect.
Today, Blockchain is most commonly thought of in connection to Bitcoin as it describes the technology and process that we’ve all come to know as being so secure. Bitcoin’s past affiliations with illegalities of all sorts have given a bad name to Blockchain but there are many benefits to secure transactions all with a public record as our purchases and currency become increasingly digital.
Want to learn more? Check out these sources:
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